Written By Abdun Nur
Resource scarcity is the basis of economic slavery. I present a concept, that for the first, offers a fee and interest free, guarantee based advancing system.
E.A.R.T.H coin is a global solution to the present usury systems, a new concept, to create a groundbreaking computer software platform, once coded open source, will present a usury free choice for the first time.
The first ever true medium of exchange, functioning through ‘advance’, on a zero balance, pair key encrypted, polycentrically ordered, through multiple independent nodal operating systems, peer to peer and agreed in witnessed bond through a closed multilateral reciprocal bond.
This may sound difficult to understand, but if you spend a little time reading this, I hope you’ll begin to see the advantages and structure of this model.
A model without contracts, usury, fees, interest, constructed legal fictions or external access to any account information; the model requires no standard forms of identification such as name, address or exact location, making it safe for all users. With no hierarchical structure to take over, no service provider to block users, and no way to identify the users, the State mafia and its owners have no way to take it over, shut it down or monitor interactions, unless they shut down the entire global network, and even that could be addressed, and an alternative could be presented, of a LI-FI based polycentric service provider, forming a global user network, created quickly with enough interest.
The name earth coin has already been used, and is an existing cryptocurrency on the market, this does not effect the concept, as that is a public fiat crypo-coin, while the E.A.R.T.H coin is within a closed reciprocal bond structure, so is only traded within the bond, and not externally.
E.A.R.T.H coin is the core structure from which an infinite number of platforms can be supported, attached as downloadable modules to the hub, by the user as required. Allowing for example the creation of platforms providing, tax free trading, self hosting websites using a peer to peer cloud (free of spam, advertising, hosting, or domain costs), arbitration platform built around inherent power (giving relief of wrongs as an alternative to the constructed legal fictions); a bond platform powered through E.A.R.T.H coin, allowing for example the creation of:
- Medical (providing an alternative to the allopathic model) – A Nutraceutical or Bioceutical Hospice Bond
- Assurance (providing an alternative to the insurance model)
- Cooperative (providing an alternative to the employer/employee model)
- Collective (providing an alternative to the middleman model) reciprocal bonds.
- Allodial utilisation of housing, ending the need for rental, mortgages, or conveyancing and taxation.
Open source Technological hubs, freeing suppressed technologies, can be created to nourish reciprocal bonded cooperatives, free of profit, employees and employers. No longer a need to beg for a job, or do a job you hate.
The present system of banking is based on collateral founded loans, being security of property pledged for the repayment of the advance, this is not a ‘trust’ based model, but a wealth based one, the more you have, the more the banks are willing to provide. The rich then can get richer, while the poor are denied advance, so get poorer, the rich are then free to exploit and manipulate the ones with limited access to resources.
E.A.R.T.H coin in contrast is a trust-based model, no collateral is required only trust, and trust establishes the guarantee, building relationships with other members being the goal, in order to secure advances, or building a trust rating through trading to access advancing reciprocal bonds.
- People can raise an advance based on mutual trust and surety, or by joining a reciprocal advancing bond, or by joining a reciprocal bond cooperative, the system determining trust rating through conduct on the platforms, building each users trust ratings slowly over time through their interactions.
- E.A.R.T.H coin allows encrypted trading without external tracking or taxation, saving without inflation or deflation, with a true medium of exchange, and so allows you to avoid death duty, with transfer of account funds upon death to predetermined accounts. As no one can gain access to account information, or any external awareness of held resources or trading activity, and all trades are free of fiat within the closed reciprocal bond model, all parasites are excluded.
- There are no transaction fees, joining fee, interest, trading costs, or any requirement to contribute towards the platforms, and no hierarchy to ever establish these extortion’s.
- E.A.R.T.H coin is within a closed system, which means its value against all fiat is determined within that system, through the external examination of the fiat based commodities markets, so all trades for fiat have a fixed value in relation to real commodities. This means labour coin is free of inflation, which plagues all fiat currencies, and is free of deflation, both of which can affect Bitcoin or other cryptocurrencies. This means it’s a true medium of exchange, holding the original true value until exchanged at a future date.
- E.A.R.T.H coin can be traded against any fiat or cryptocurrency; this allows trading in all currencies with the value determined against their purchasing value, allowing international exchange without banking fees, or currency exchange fees. The ideal medium of exchange is to trade E.A.R.T.H coin face to face, using the internet at a vendors place of business, or the internet on your own mobile phone in the real world, goods can be paid for, so using the platform for all trades, in effect used as regular money.
- E.A.R.T.H coin allows interest and fee free advances of the medium of exchange through either a surety peer-to-peer system, or through the bonding platform, without banking monopoly or credit rating.
- E.A.R.T.H coins allow saving without the risk of devaluation due to inflation, or currency manipulations.
- E.A.R.T.H coin encourages and promotes autonomous structures of exchange free of usury, and promotes trust, so forms a self anti-fraud, anti-criminal model through bonding and surety.
- E.A.R.T.H coin creates a global trading platform that is equal for all, free of regional suppression or inflation of values of exchange.
- E.A.R.T.H coin allows an advance of E.A.R.T.H coins to be suspended for up to 5 years before repayment begins, at the allowance of the guarantor/s backing the advance.
- E.A.R.T.H coin allows virtual escrow within the accounting system to protect both the buyer and the seller.
- E.A.R.T.H coin allows multiple trading platforms as attached modules, for example:
- Community Platform: an individual exchange platform of goods and services comparable to Ebay
- Collective Platform: a collective purchase platform removing the middle man system of exchange
- Cooperative Platform: for the creation and access of cooperative trading, so removing the corporate system of employee and employer, as well as many other possibilities.
- Bond Creation platform:
- Allodial transfer platform:
- Arbitration platform:
13. E.A.R.T.H coin creates a framework, allowing an infinite number of platform nodes to be attached by the user, for example:
- Fiat Currencies Trading Platform
- Peer to Peer LI-FI Internet and Telecommunications Platform
- Assurance Bond Platform
- Bond Creation Platform
- Donations Recycling Platform
- User Hosted Website Platform
- Arbitration of Wrongs Platform – Etc.
The exchange of “labour” is the foundation of all exchange; this is the true autonomous medium of exchange. Whenever anything is exchanged “labour” is the only thing of intrinsic value, because you can only own that which you create yourself, everything else is only utilized, and so free. Labour is added and must be returned, so is not free, so belonging and exclusive to the exchange by its very nature, therefore all trade is a reciprocal exchange of the stored labours of goods or services.
In other words the only thing that is ever exchanged is your labours. This means the true exchange is “labour”.
A medium of exchange is a way to hold value, when exchange with another is desired, without a reciprocal equivalent, so there is a need to provide the equivalent, which can be either a store of labour such as silver for example, or an cryptographic accounting system such as the one being explained.
The next autonomous principle of the decentralized, hierarchically free model, is reciprocation, all exchange must be reciprocal, a one sided exchange is usurious.
So in an equivalent exchange the labour given is equal to the labour received, however not all labours are equal in time expended, unskilled labour, semi-skilled labour, skilled labour and prodigious labour, determine the ratio of exchange as independently agreed by the parties involved.
There is no set rate of exchange (except for fiat trading) that is between the traders, it’s solely between them, however all trades must ideally be free of usury. And this can be establish at the outset, as to join the platform requires the creation of a reciprocal bond, this stipulates all wrongs and all relief in advance while using the platform.
Usury is a certain benefit, which is received for the use of the thing lent beyond the return in full of the thing lent. Trade is reciprocal, being labours that are exchanged; usury is lending and demanding the returned in full of the thing lent, plus some of the labours of the borrower, so has no reciprocation of labour.
Trade is the reciprocal exchange of the fruits of my labour for the fruits of someone else’s labour. Usury (riba) is not trade.
Usury is a one-sided extraction of the fruits of the labours of another, which has 5 basic forms:
Debt (the interest demand for the use of money)
Profit (the interest demanded for the use of capital)
Rental (the interest demanded for the use of infrastructure)
Taxation (the interest demanded for the use of your labour)
Ownership (the interest demanded for the use of land through the fiction of eminent domain)
In effect trade is a reciprocal exchange, while usury is a one sided extraction of the labours of another.
The Tally Stick
E.A.R.T.H coin is an accounting platform; computers are perfect accountants if correctly programmed, other cryptocurrencies use a solitary monolithic block-chain in order to account for transactions, E.A.R.T.H coin does not.
The ancient method of transaction checking was the tally stick this functioned fraud free for a millennia or more, applying the same concept within a software system allows the same result.
Further reading: The History of the Tally Stick
Unlike all other cryptocurrencies E.A.R.T.H coin does not invent coins through mining, or vending (taking real value (labour) for no value), cryptocurrencies, as fiat presently exists, exist through perceived value, if something upsets that perception the value drops, in effect stealing that perceived value.
These forms of exchange are based on, or variations of, Ponzi economics; a swindle in which a quick return, made up of money from new investors, on an initial investment lures the victim into much bigger risks. People then buy cryptocurrencies for the sole purpose of speculative investment.
Interest based banking plays this swindle on a global scale, not being restricted to individual investors. The swindle requires a doubling of the global debt around every decade to maintain the interest payments on older debts, as all fiat is a debt certificate, this guarantees at some point the global debt system will collapse, as you cannot infinitely double something, because quickly the numbers become immense, this perpetual increase devalues the fiat created previously, this effect is known as inflation, a direct result of the interest based banking system, they are stealing the value through the expansion of debt. The best method to generate new debt is war, and all wars for the past 300 years have been and continue to be banker’s wars, spawned and funded, for the purpose of rife profiteering.
Bitcoin requires miners to provide the processing power to process the transactions, however there are a limited number of coins to mine, when the mine runs dry, who would then donate processing time to advance transactions?
The second issue with fiat cryptocurrencies is accumulation, bankers can amass vast holding with the sole objective of crashing the value of the cryptocurrency, by dumping their holdings on the market, in order to burn the fingers of investors.
In contrast E.A.R.T.H coin always has a zero balance, it is not slowed down at each extending transaction as single block-chain models, nor invents crypto-coins without guarantee of return, so making it fiat, as cryptocurrencies do (with E.A.R.T.H coin the value is in return, the coin is an advance of future labours, and the return is the fulfillment of that self imposed obligation). Every single E.A.R.T.H coin created on the platform is advanced with guarantee of return, through bond, either reciprocal surety bond, or assurance or cooperative reciprocal bond, this means it’s neither inflationary nor deflationary, no coins are invented and sold from nothing, their is no element of speculation.
Advances generate two main data streams, the advancing stream and guarantor stream, and these can be compared, however there are three other data streams, the alphabetical listing of user accounts linked to each account users hub data, the transaction data, and the collective hub data of external coin recovery, these five data streams are compared and cross referenced, each stream is independently encrypted, and through examination of the five data streams each transaction can be verified in determination of a zero balance across the entire system. Each advance must be repaid, so ultimately if all advances were returned, the system would return to zero labour coins, conversely the upper limit on the number of labour coins is determined by the number of users, and the level of trust they have earned on the platform, in relation to advance generated within those limits.
The nodes (users) join a hub which has a limited allocation, when the nodes have filled the hub, at 10,000 users, the hub divides into two independent hubs, and the users are separated by location, the first node user is the reference. Users geographically closer to the first node user form the 5000 in the original hub, and the 5000 furthest away from the first node user form the new hub. In this way, as the network grows, the hubs become more and more localised.
The hub functions as an independent unit linked to all the other hubs through cross referenced exchanges of their advances, which are tracked, all external earthcoins are hub referenced and ultimately must return to the issuing hub, as each hub must maintain a zero balance.
If the zero balance is disrupted, for whatever reason, only that hub is effected and is isolated from the network until the issue is resolved.
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